By Syndicated Content
By Alan Baldwin
LONDON (Reuters) - Lawrence Stroll is new to Formula One team ownership but when he says he is in it to win it with Aston Martin, and believes he can, he speaks as someone who has been around the sport for decades.
The Canadian billionaire, who made his fortune in fashion, told Reuters the introduction of a budget cap this season and a fairer distribution of revenues could make the dream come true. If (F1 owners) Liberty had not brought in the rules of the new budget cap, and the new cash distribution, I would never have made the investment and acquired a Formula One team, he said.
L Catterton, a private equity firm backed by the French luxury brand owned by billionaire Bernard Arnault, purchased a majority stake in the company and its eponymous sandals.
L Catterton Acquires German Sandal Maker Birkenstock
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LVMH, agreed to buy iconic German sandal maker
Birkenstock.
The investment firm and the family behind Birkenstock announced the deal without disclosing the financial terms. Bloomberg News that the purchase would value the sandal maker at about 4 billion euros ($4.9 billion).
L Catterton beat out a rival offer from buyout firm
CVC Capital Partners, which was close to sealing a deal, people familiar previously said. In the end, the family owners of Birkenstock preferred L Catterton’s track record with family-backed consumer brands as well as its ability to expand in Asia.
LVMH-backed fund buys majority stake in Birkenstock Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Birkenstock has agreed to sell a majority stake to LVMH-backed private equity firm L Catterton, it said on Friday, in a deal that brings the maker of comfy, blocky sandals in the orbit of the French luxury powerhouse.
The family-owned German company did not disclose financial details of a deal it said would help it to grow in China and India as well as expand its online business.